Money transferred but not recieved?!

bexfizz

Hi all,

I just wondered if anyone has experienced the same as I'm going through & can offer some advice.

We're hopefully moving house in the next few weeks, however Santander wanted to see evidence that we had the deposit for the house before offering us the mortgage. They said this was due to me being on maternity leave but thats a whole other story.

Basically, my parents have lent us the money for the deposit until we get the equity from our house. They transferred it from their Santander account to my First Direct current account on Tuesday night with no issues at all. I didn't feel happy with it sitting in my current account so decided to transfer it to my Santander savings account the same night. It left First Direct on Wednesday morning & there's currently no sign of it. The account number & sort code are correct as I use it regularly to put money into savings. I've been on the phone to both Santander & First Direct and am not getting anywhere. First Direct said they can't trace it & it's left my account so therefore it's not their responsibility. Santander are basically saying that they can't see where it is, they haven't got a holdings account so they don't know where it is.

We need this money asap to get this mortgage. The mortgage people are refusing to take my current account statement as it shows the money leaving the account. They want to see it sitting in an account.

I'm starting to panic, which bank should claim responsibility for this & what can I do?? It's a big amount of money to get lost in limbo land

Jo_Blogs

Was the payment sent by BACS from your First Direct account to your Santander account, or was it a fast payment transation?

If it was BACS, that can take up to 3 working days to appear in another account from the time it was sent.

I recently had a large BACS payment take 4 working days to arrive at its designated place............:eek:

YorkshireBoy

Jo_Blogs wrote: »

Was the payment sent by BACS from your First Direct account to your Santander account, or was it a fast payment transation?

BACS is no longer used for personal banking customers. The PSRs state all payments must arrive by the end of the next banking day. That's close of business today, for a Wednesday morning payment instruction.


BACS Direct Credit (the 3 day service you refer to) is still in use for batch based payment runs, ie wages, benefits, pensions, etc.

YorkshireBoy

bexfizz wrote: »

...which bank should claim responsibility for this & what can I do?? It's a big amount of money to get lost in limbo land

The PSRs (payment services regulations) place a duty on FD to do all they can to help trace your money.


When you say "a big amount", how much is it? And does it exceed the FD FP limit?

bexfizz

The deposit is 20k, really sorry I'm not great with acronyms so no idea if I've gone over a limit.

YorkshireBoy

bexfizz wrote: »

The deposit is 20k, really sorry I'm not great with acronyms so no idea if I've gone over a limit.

FP - Faster Payment. Your bank will have a limit, maybe only £10K? Normally a request exceeding this would be denied, and you'd be informed immediately you made the online request. But it seems yours has been let through. I suspect, based on what you say, it's with the AML (anti money laundering) team for further security checks. If it is, the people you've spoken to won't be allowed to 'tip you off'!

grumbler

Neither will they be allowed to lie that: "...they can't trace it & it's left ... account so therefore it's not their responsibility".

xylophone

http://www.fasterpayments.org.uk/about-us/transaction-limits

According to the above, the FP limit for FD is £10,000.

noh

xylophone wrote: »

http://www.fasterpayments.org.uk/about-us/transaction-limits

According to the above, the FP limit for FD is £10,000.

Yes that is the case. You can do multiple £10k transfers
If you try and transfer more than £10k in a single payment they usually will make the transaction the following day which is what happened in the OPs case. (requested FP transfer on Tuesday, transfer actioned Wednesday)

agrinnall

Jo_Blogs wrote: »

Was the payment sent by BACS from your First Direct account to your Santander account, or was it a fast payment transation?

If it was BACS, that can take up to 3 working days to appear in another account from the time it was sent.

I recently had a large BACS payment take 4 working days to arrive at its designated place............:eek:

Living in the past.

Jethro Tull

teddysmum

I did two transfers (can't remember which bank) then panicked when the second lesser sum arrived, but the other didn't. I was told that due to the first amount being over a set limit, transfer was slower for security reasons.